Top Trade Ideas for the Week of July 21, 2014: The Rest

• Posted by Greg Harmon
• on July 20th, 2014

Here are the Rest of the Top 10:

Jabil Circuit, Ticker: $JBL

Jabil Circuit, $JBL, had a long run higher beginning in May until peaking two weeks ago. After a shallow, almost sideways pullback, it got some life Friday and closed over the 20 day SMA. The MACD is leveling and the RSI is turning back higher.

JDS Unisphere, Ticker: $JDSU

JDS Unisphere, $JDSU, fell hard after reporting earnings to start May, but has been grinding higher since. After touching the 100 day SMA 2 weeks ago it pulled back but found support near the 20 day SMA. Friday it started higher out of that consolidation. It has support for the upside from a rising RSI that held the mid line and a MACD that is turning back up and ready for a cross.

Cheniere Energy, Ticker: $LNG

Cheniere Energy, $LNG, has been stair stepping higher since the start of 2011. The latest step allowed it to work off the technically overbought RSI and rest the MACD a bit lower. Both are now turning back up as the price jumped Friday to test the top of the consolidation zone. Short interest is high at almost 10%.

Northern Trust, Ticker: $NTRS

Northern Trust, $NTRS, has been a favorite in the past, and it is ready to give another entry. The RSI is bullish and the MACD is about to cross up as the Bollinger bands open higher. All it needs is for the price to break the recent consolidation zone.

Park-Ohio, Ticker: $PKOH

Park-Ohio, $PKOH, is back at resistance after retracing 61.8% of the move higher from February to April. The SMA’s are giving it a push up and the RSI is bullish with a MACD about to turn higher and cross up.

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After reviewing over 1,000 charts, I have found some good setups for the week. These were selected and should be viewed in the context of the broad Market Macro picture reviewed Friday which, heading into next week sees the equity markets are again mixed. Elsewhere look for Gold to continue lower in its consolidation while Crude Oil continues lower. The US Dollar Index has a slight upward bias in the sideways price action while US Treasuries are biased to continue higher. The Shanghai Composite remains stuck in a sideways rut while Emerging Markets consolidating at resistance. Volatility looks to remain subdued keeping the bias higher for the equity index ETF’s SPY, IWM and QQQ. Their charts show a mixed picture though, with the QQQ the strongest and looking for more upside, while the SPY consolidates in the uptrend and the IWM is biased lower in the short run within its consolidation. Use this information as you prepare for the coming week and trad’em well.

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